Property Type

Ivanhoé, Callahan Acquire Interest in Downtown Denver Portfolio

by Nellie Day November 5, 2014

DENVER – Ivanhoé Cambridge and Callahan Capital Properties have acquired a 40 percent interest in a Denver-based portfolio that includes the US Bank Tower, the Tabor Center and the adjacent Two Tabor development site. The interest was purchased from Canada Pension Plan Investment Board for more than $200 million. The 572,000-square-foot Tabor Center is located at 1200 17th Street. The property includes a 30-story trophy office tower and a 163,000-square-foot, mixed-use property with retail and health club amenities. The 520,000-square-foot US Bank Tower is located at 950 17th Street. The 26-story, Class A tower is just steps from Tabor Center. These acquisitions position Ivanhoé Cambridge as one of the main landlords in Denver’s commercial business district. The firm now has an ownership position that represents about 6 percent of Downtown Denver’s Class A office inventory. This is Ivanhoé’s sixth acquisition with Callahan, bringing the partners’ U.S. office platform investments to more than $2.4 billion. A Callahan affiliate continues to be an equity partner and asset manager for these properties.

November 5, 2014

Colorado Multifamily Western

Advenir Acquires Two Apartment Communities in Denver

by Nellie Day November 5, 2014

DENVER – Advenir has acquired two apartment communities in the Denver submarket of Longmont. The apartments sold for a combined purchased price of about $80 million, according to industry sources. The communities included in the transaction are the 360-unit, 18-building Advenir@Wyndam, formerly Wyndam Apartment Homes, and the 210-unit, 15-building Advenir@Wildwood, formerly Wildwood Apartment Homes. Advenir@Wyndam is located at 2540 Sunset Drive. It was built in 1990 and renovated in 2010. Advenir@Wildwood is located at 3226 Lake Park Way. It was also recently renovated. Advenir has acquired 1,000 apartment units since August in the Greater Denver area, and nearly 3,000 units since late 2011. The firm is actively looking to expand its portfolio. Advenir represented itself in this transaction. The unnamed seller was represented by HFF’s Jordan Robbins. Freddie Mac financing was secured by Eric Tupler and Josh Simon of the same firm.

November 5, 2014

Multifamily Oregon Western

CBRE Global Investors Buys Arbor Heights in Portland for $54.1M

by Nellie Day November 5, 2014

PORTLAND, ORE. – CBRE Global Investors has acquired the 348-unit Arbor Heights apartment community in Portland for $54.1 million. The community is located at 15199 SW Royalty Parkway. Arbor Heights was 95 percent occupied at the time of sale. It was built in 1997 in the Portland submarket of Tigard, just 10 miles from the city’s downtown. The seller, Capri Capital Partners LLC, was represented by ARA’s Gail Neuburg. Capri Capital owned the asset on behalf of one of its institutional clients.

November 5, 2014

California Industrial Western

IAC Breaks Ground on New 1.3M SF Industrial Center in Valencia

by Nellie Day November 5, 2014

VALENCIA, CALIF. – IAC has broken ground on a new 1.3-million-square-foot industrial development in Valencia. The new project will be called IAC Commerce Center. It will be the largest industrial center to break ground in North Los Angeles County in 25 years, according to CBRE, which has been retained to market and lease the property. The center will be situated on 70 acres along Witherspoon Parkway, adjacent to the Valencia Commerce Center. It will be completed in three phases. The first phase will include 400,000 square feet. It is scheduled for completion in the third quarter of 2016. Land development is anticipated to take about 12 months.

November 5, 2014

Industrial Texas

CBRE Brokers Sale of Industrial Property in Austin

by Haisten Willis November 4, 2014

AUSTIN — CBRE has brokered the sale of McNeil 1, a 246,390-square-foot industrial complex in north Austin. Glendale, Calif.-based PS Business Parks purchased the asset from Investors Warranty of America Inc. for an undisclosed price. McNeil 1 is located at 12317 Technology Blvd. in Austin and includes 140,000 square feet of space available for lease. The building is located near several companies including Flextronics, Luminex and VISA. Mark Emerick, John Barksdale and Darryl Dadon of CBRE represented the seller and retained the leasing assignment on behalf of the buyer.

November 4, 2014

Office Texas

M&M Arranges Sale of 50,050 SF Office Building in Fort Worth

by Haisten Willis November 4, 2014

FORT WORTH — Marcus & Millichap has arranged the sale of Marine Creek Business Park, a 50,050-square-foot office property located in Fort Worth. Ron Hebert of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Wayne Bares, also of the firm’s Dallas office, secured and represented the buyer, a limited liability company. The buyer aims to maximize value through lease up, increasing leases to current market rents and through improved management of expenses. Marine Business Park is located at 3501-3529 N. W. Loop 820 northeast of Azle Avenue. The building was built in 1982 and sits on 3.5 acres. The property was renovated in 2009 and was 95 percent occupied at the time of sale.

November 4, 2014

Multifamily Texas

Construction Begins on Apartment Tower in Houston

by Haisten Willis November 4, 2014

HOUSTON — Marquette Cos., in partnership with Hunt Cos. and Ares Management have begun construction on Catalyst Houston. The 28-story luxury apartment building is located at 1423 Texas Ave. in Houston’s central business district. The building is scheduled for completion in the summer of 2016. Houston-based architect Ziegler Cooper designed the tower, which will include 361 apartment units with one-, two- and three-bedrooms layouts. The apartments will feature views of downtown and Minute Maid Park, with amenities including hardwood floors, quartz countertops, stainless steel appliances, floor-to-ceiling windows and private balconies. Community amenities will include a Wi-Fi lounge, outdoor dog run with a pet wash, a club room, meeting room, gym and swimming pool.

November 4, 2014

Office Texas

Moody Rambin Arranges Office Lease Renewal, Expansion in Houston

by Haisten Willis November 4, 2014

HOUSTON — Moody Rambin has arranged a lease renewal and expansion for Margolis Brady Raghavan Financial Inc. at the 2000 W. Loop South building in Houston. The lease is for 4,593 square feet of office space. Bob Cromwell and Kevin Nolan of Moody Rambin represented the building’s owner, SRI Nine 2000 WL LP. Scott Covington with SE Covington represented the tenant, Margolis Brady Raghavan.

November 4, 2014

Industrial Texas

NAI Houston Brokers 10,215 SF Lease Renewal in Beaumont

by Haisten Willis November 4, 2014

BEAUMONT, TEXAS — NAI Houston represented Spring Safety in the company’s lease renewal of 10,215 square feet in Beaumont. The property is located at 3880 Washington St. Jason Whittington of NAI Houston represented the tenant, Spring Safety, a division of Spring Holdings Inc., in the transaction. Ryan Harrington of Foxworth Real Estate Co. Ltd. represented the landlord, Perth United Limited Partnership. Sprint Safety is a rental company specializing in safety, breathing air and confined space entry equipment.

November 4, 2014

Loans Multifamily New York Northeast

Mission Capital Advisors Arranges $148.5M Loan for Queens Plaza South Development

by Amy Works November 4, 2014

NEW YORK CITY — Mission Capital Advisors has arranged $148.5 million in non-recourse construction financing for the development of Queens Plaza South, a rental apartment building in Long Island City, Queens. The 44-story property will feature 391 apartment units, 165 parking spaces and 20,000 square feet of retail space. On-site amenities will include a rooftop pool, fitness center, lounge and children’s playroom. Mission Capital represented the sponsor, a joint venture between Property Markets Group, Karman Hakim and New Valley LLC, in arranging the financing with Deutsche Bank. The loan represented 70 percent of the total capitalization for the project. NorthStar Finance provided a $40.3 million mezzanine loan bringing the total financing to $188.7 million or 90 percent of the total project capitalization. Jason Cohen, Ari Hirt, Steve Buchwald and Jamie Matheny of Mission Capital represented the sponsor.

November 4, 2014

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